Third Quarter 2016 Results

October 20, 2016 NASDAQ: PBCT

1

Forward-Looking Statement

Certain statements contained in this presentation are forward-looking in nature. These include all

statements about People's United Financial's plans, objectives, expectations and other statements that are

not historical facts, and usually use words such as "expect," "anticipate," "believe," "should" and similar

expressions. Such statements represent management's current beliefs, based upon information available

at the time the statements are made, with regard to the matters addressed. All forward-looking statements

are subject to risks and uncertainties that could cause People's United Financial's actual results or

financial condition to differ materially from those expressed in or implied by such statements. Factors of

particular importance to People’s United Financial include, but are not limited to: (1) changes in general,

national or regional economic conditions; (2) changes in interest rates; (3) changes in loan default and

charge-off rates; (4) changes in deposit levels; (5) changes in levels of income and expense in non-

interest income and expense related activities; (6) changes in accounting and regulatory guidance

applicable to banks; (7) price levels and conditions in the public securities markets generally; (8)

competition and its effect on pricing, spending, third-party relationships and revenues; (9) the successful

integration of acquisitions; and (10) changes in regulation resulting from or relating to financial reform

legislation. People's United Financial does not undertake any obligation to update or revise any forward-

looking statements, whether as a result of new information, future events or otherwise.

2

Third Quarter 2016 Overview

• Net income of $74 million, an increase of $5 million or 8%

‒ Earnings per share of $0.24, an increase of $0.01 or 4%

• Net interest income1 of $245 million, an increase of $5 million or 2%

• Net interest margin of 2.80%, an increase of 1 basis point

• Loan growth of $330 million, 5% annualized growth rate

‒ Average loan growth of $549 million, 8% annualized growth rate

• Deposit growth of $656 million, 9% annualized growth rate

‒ Cost of deposits declined 1 basis point

• Non-interest income of $91 million, an increase of $5 million or 6%

• Total non-interest expenses of $221 million, an increase of $9 million or 4%

- Includes $3.1 million of merger related costs

• Efficiency ratio of 59.9%, a decrease of 50 basis points

• Net loan charge-offs of 0.04%, a decrease of 3 basis points

(Comparisons versus second quarter 2016)

1 Net interest income on a fully taxable equivalent basis for 2Q 2016 and 3Q 2016 was $248 million and $254 million, respectively.

2Q 2016 OriginatedLoans

CalendarDay

Deposits AcquiredLoans

Borrowings Investments 3Q 2016

3

Net Interest Income1 ($ in millions)

Linked Quarter Change

$240.0 $245.3

($1.4)

$5.9

1 Net interest income on a fully taxable equivalent basis for 2Q 2016 and 3Q 2016 was $248 million and $254 million, respectively.

$1.7 $0.4

($0.8) ($0.5)

4

Net Interest Margin

2Q 2016 Loan Yield & Mix

CalendarDay

Investments Borrowings 3Q 2016

Linked Quarter Change

2.79% 2.80%

(2 bps)

2 bps 2 bps

(1 bp)

5

Loans ($ in millions)

Jun. 30, 2016 Retail Commercial Acquired Sep. 30, 2016

Linked Quarter Change

$234

$29,038 $29,368

Annualized linked quarter change: +5%

($46)

$142

6

Deposits

Jun. 30, 2016 Commercial Retail Sep. 30, 2016

Linked Quarter Change

($ in millions)

Annualized linked quarter change: +9%

Commercial1

$10,277

$29,656

Retail2

$19,379

1Commercial includes Municipal deposits of $1,908 at 6/30/2016 and $2,163 at 9/30/2016 2Retail includes brokered deposits of $2,547 at 6/30/2016 and $2,543 at 9/30/2016

$755

Commercial1

$9,522

$28,999

Retail2

$19,477

($98)

7

Non-Interest Income ($ in millions)

2Q 2016 Insurance OperatingLease

Income

Net Gains onSales of Resi.

Mortgage Loans

BankServiceCharges

CommercialBanking

Lending Fees

Other 3Q 2016

$85.4 $90.8

Linked Quarter Change

$2.8

($2.1)

$1.1 $1.0 $0.6 $2.0

8

Non-Interest Expense ($ in millions)

2Q 2016 Compensation& Benefits

Merger RelatedCosts

RegulatoryAssessments

Operating LeaseExpense

Occupancy& Equipment

Professional &Outside Services

Other 3Q 2016

($1.8)

$221.4

$212.9

Linked Quarter Change

$4.7 $3.1 $0.7 $0.6 $0.3 $0.9

9

Efficiency Ratio

61.7% 61.0%

62.7%

60.4% 59.9%

3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016

62.2% 61.8%

Beginning with first quarter 2016 results, the Company no longer classifies expenses related to ordinary and recurring branch closures and

severance as non-operating. In prior quarters, these expenses were excluded from the calculation of the Company’s efficiency ratio. For

comparison purposes above, efficiency ratios for prior quarters also display what the metric would have been had these expenses been included.

10

Asset Quality

Non-Performing Assets / Loans & REO (%) 1

1Non-performing assets (excluding acquired non-performing loans) as a percentage of originated loans plus all REO and repossessed assets; acquired non-performing loans

excluded as risk of loss has been considered by virtue of (i) our estimate of acquisition-date fair value, (ii) the existence of an FDIC loss sharing agreement, and/or (iii)

allowance for loan losses established subsequent to acquisition

Notes:

Source: SNL Financial and Company filings

Top 50 Banks represents the largest 50 banks by total assets in each respective quarter

Net Charge-Offs / Average Loans (%) 2

0.78 0.66 0.68 0.64 0.63

1.37 1.33

1.67

1.46

1.22 1.21

1.38 1.36

0.5

1.0

1.5

2.0

3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016

0.06 0.09 0.09

0.07

0.04

0.18 0.17

0.19 0.21

0.19 0.18

0.24 0.23

0.0

0.1

0.2

0.3

3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016

2Ex. acquired loan charge-offs, PBCT’s charge-off ratio was 0.03%, 0.07%, 0.08%, 0.09%, & 0.06% in 3Q 2016, 2Q 2016, 1Q 2016, 4Q 2015 & 3Q 2015, respectively

PBCT Peer Group (Median) Top 50 Banks (Median)

PBCT Peer Group (Median) Top 50 Banks (Median)

11

Returns

0.73% 0.75%

0.65%

0.70%

0.73%

3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016

10.5% 10.7%

9.4%

10.1%

10.7%

3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016

Return on Average Assets Return on Average Tangible Equity

12

Capital Ratios

Basel III Notes:

1. Tier 1 Leverage ratio represents Tier 1 Capital divided by Average Total Assets (less goodwill, other acquisition-related intangibles and other deductions from Common Equity Tier 1 Capital)

2. Common Equity Tier 1 Capital ratio represents total stockholder’s equity, excluding: (i) after-tax net unrealized gains (losses) on certain securities classified as available for sale; (ii) after-tax net unrealized gains (losses)

on securities transferred to held to maturity; (iii) goodwill and other acquisition-related intangibles; and (iv) the amount recorded in accumulated other comprehensive income (loss) relating to pension and other

postretirement benefits divided by Total Risk-Weighted Assets

3. Tier 1 Risk-Based Capital ratio represents Common Equity Tier 1 Capital plus additional Tier 1 Capital (together, "Tier 1 Capital") divided by Total Risk-Weighted Assets

4. Total Risk-Based Capital ratio represents Tier 1 Capital plus subordinated notes and debentures, up to certain limits, and the allowance for loan losses, up to 1.25% of Total Risk-Weighted Assets, divided by Total Risk-

Weighted Assets

5. Well capitalized limits under Basel III capital rules are: Tier 1 Leverage Ratio, 5%; Common Equity Tier 1 Capital Ratio, 6.5%; Tier 1 Risk-Based Capital Ratio, 8%; and Total Risk-Based Capital Ratio, 10%

Sep. 30,

2015

Dec. 31,

2015 Mar. 31,

2016

Jun. 30,

2016

Sep. 30,

2016

People’s United Financial, Inc.

Tang. Com. Equity/Tang. Assets 7.5% 7.2% 7.3% 7.2% 7.2%

Tier 1 Leverage 1, 5 8.1% 8.0% 7.9% 7.8% 7.7%

Common Equity Tier 1 Capital 2, 5 9.9% 9.8% 9.7% 9.7% 9.7%

Tier 1 Risk-Based Capital 3, 5 9.9% 9.8% 9.7% 9.7% 9.7%

Total Risk-Based Capital 4, 5 11.8% 11.7% 11.5% 11.5% 11.5%

People’s United Bank, N.A.

Tier 1 Leverage 1, 5 8.5% 8.4% 8.8% 8.7% 8.6%

Common Equity Tier 1 Capital 2, 5 10.4% 10.2% 10.9% 10.8% 10.8%

Tier 1 Risk-Based Capital 3, 5 10.4% 10.2% 10.9% 10.8% 10.8%

Total Risk-Based Capital 4, 5 12.8% 12.6% 12.9% 12.8% 12.8%

13

Interest Rate Risk Profile

Net Interest Income (NII) Sensitivity

1Yield curve twist pivot point is 18 month point on yield curve. Short End defined as overnight to 18 months.

Long End defined as terms greater than 18 months.

-4.3%

4.5%

7.9%

10.7% 13.3%

-4.3%

4.8%

8.4%

11.1%

13.7%

Down 50 Up 100 Up 200 Up 300 Up 400

-1.9%

1.9%

4.0%

-5.1%

2.7%

4.6%

-1.7%

1.9%

4.0%

-5.5%

3.0% 4.6%

Short End -50 Short End +100 Short End +200 Long End -100 Long End +100 Long End +200

Immediate Parallel Shock Est. Change in NII

Yield Curve Twist1

Est. Change in NII

Sep. 30, 2016 Jun. 30, 2016

14

Experienced

leadership team

Operate in large &

attractive Northeast

markets…

…with significant

knowledge at the local

level

Commitment to

relationship-based

banking

Breadth of products

& services

Conservative &

well-defined

underwriting culture

Premium brand built

over 170 years

Deep focus on

expense management

Summary

A Uniquely Positioned Franchise

15

Appendix

16

Asset Quality Originated Portfolio Coverage Detail as of September 30, 2016

0.94%

0.30%

0.76%

Commercial Retail Total

ALLLs / Loans NPLs / Loans ALLLs / NPLs

0.53% 0.56%

0.54%

Commercial Retail Total

178%

53%

142%

Commercial Retail Total

Note – ALLLs: Commercial: $195 million, Retail: $24 million, Total: $219 million

17

Peer Group

Firm Ticker City State

1 Associated ASB Green Bay WI

2 Citizens CFG Providence RI

3 Comerica CMA Dallas TX

4 Cullen/Frost CFR San Antonio TX

5 East West EWBC Pasadena CA

6 First Horizon FHN Memphis TN

7 Huntington HBAN Columbus OH

8 KeyCorp KEY Cleveland OH

9 M&T MTB Buffalo NY

10 New York Community NYCB Westbury NY

11 Signature SBNY New York NY

12 Synovus SNV Columbus GA

13 Umpqua UMPQ Portland OR

14 Webster WBS Waterbury CT

15 Zions ZION Salt Lake City UT

For more information, investors may contact:

Andrew S. Hersom

(203) 338-4581

andrew.hersom@ peoples.com

NASDAQ: PBCT